Coromandel International Margin Trend — Quarter by Quarter

Coromandel International's EBITDA margin moved from 15.1% in Q2 FY24 to 10.2% in Q4 FY26 across 9 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	10.2%	-60 bps
Q3 FY26	9.1%	-120 bps
Q2 FY26	11.7%	-120 bps
Q3 FY25	10.2%	+370 bps
Q2 FY25	13.0%	-210 bps
Q1 FY25	10.6%	-180 bps
Q4 FY24	6.8%	+320 bps
Q3 FY24	6.5%	-280 bps
Q2 FY24	15.1%	+470 bps

What management said about ebitda margin

Q4 FY26 · Crop protection EBITDA margin to sustain ~19%

Management expects standalone crop protection EBITDA margin to remain at current levels, supported by currency depreciation and pass-through of input costs.

Q3 FY26 · Annualized EBITDA per ton target of INR 5,000-5,500 maintained

Despite raw material headwinds, management expects to sustain annualized EBITDA of INR 5,000-5,500 per ton for FY26, supported by inventory management and price hikes.

Q3 FY26 · Backward integration plant commissioning in Q4 FY26

The sulfuric acid and phosphoric acid plant at Kakinada will be commissioned in Q4 FY26, expected to lift annualized EBITDA to INR 6,500 per ton.

Q2 FY26 · EBITDA per ton target of INR 5,500+ in H2

Management reiterated confidence in maintaining at least INR 5,500 EBITDA per metric ton in the second half, supported by operational efficiencies and backward integration benefits.

Q2 FY26 · Kakinada acid plant commissioning in January

Mechanical completion expected in December, trial runs in January, and commercial production by second/third week of January. Plant will improve cost profile significantly.

Q1 FY26 · Manufacturing EBITDA of ₹5,000 per tonne to sustain

Management expects normative EBITDA of ₹5,000 per metric ton to sustain during FY26, despite input cost volatility.

Q4 FY25 · Fertilizer EBITDA per ton of INR 5,000 sustainable

Management confirmed the target of INR 5,000 per ton EBITDA for the fertilizer business remains intact for FY26.

Q2 FY25 · Sulfuric acid cost savings of INR 160-170 crore per annum

Structural cost advantage from captive sulfuric acid production and power generation, expected to double from current INR 40-45 crore.

Q2 FY25 · EBITDA per ton guidance of INR 4,500-5,000

Management reiterated sustainable EBITDA per ton range for fertilizer business, supported by backward integration and captive intermediates.

Q1 FY25 · Fertilizer segment EBITDA guidance intact at INR 4,500-5,000 per ton

Management confirmed the earlier guidance for fertilizer EBITDA per ton remains unchanged despite Q1 margin pressure.

Q4 FY24 · Fertilizer EBITDA per ton of INR 4,500-5,000 for FY25

Management expects EBITDA per ton in the range of INR 4,500-5,000 for FY25, driven by improved NBS rates and operational efficiencies.

Q2 FY24 · Full-year NPK EBITDA per ton of ~INR 5,000

Management expects full-year EBITDA per ton for NPK fertilizers to be around INR 5,000, supported by backward integration and potential MRP increases.